Anyone who has gone through a divorce knows how emotionally challenging and financially complex it can be. While attorneys handle the legal aspects, a Certified Divorce Financial Analyst® focuses specifically on the financial implications of divorce. This specialized designation equips professionals with the expertise to guide clients through the intricate financial aspects of divorce proceedings, ensuring better outcomes for their financial future.
Anna Marie Mock, a fee-only certified financial planner at Highland Financial Advisors, discusses the dynamic interplay between art and science in financial planning. Drawing inspiration from Leonardo da Vinci's philosophy that "everything connects to everything else," she emphasizes that financial planning is an art involving subjective goal-setting and a science-driven by objective analysis tools. In this video, Anna explains how the scientific method can be applied to financial planning, using equity compensation as a concrete example.
What are your thoughts, feelings, and beliefs about money? What about your partner, and do they differ from your own? Sometimes, the conflict we experience around money in our personal lives can be attributed to incongruent money scripts with those with whom we share finances. Let’s dive into the term money script and how understanding it can help us achieve our financial goals.
In talking with clients about the benefits their employer provides during the open enrollment season, one often overlooked benefit if clients have dependents is the Dependent Care Flexible Spending Account (FSA).
Health Savings Accounts (HSAs) are not only a savvy investment option but also offer numerous benefits, especially for high-net-worth families. An HSA is a tax-advantaged savings account designed for individuals with high-deductible health plans (HDHPs) to help cover out-of-pocket medical expenses. While the utility of HSAs is universal, they hold advantages for high-net-worth families and have steadily grown in popularity since their inception.
Donating appreciated stock and equity compensation is a powerful way for savvy investors, pharmaceutical executives, and high-income earners to reduce tax liability while supporting meaningful causes. By leveraging appreciated assets like stocks or restricted stock units (RSUs), donors can avoid capital gains taxes, diversify their portfolios, and preserve liquidity for other financial needs.
A Qualified Charitable Distribution, QCD, is one of the most tax efficient methods of donating for individuals above the age of 70 ½ that are charitably inclined. Under this method, individuals age 70 ½ or older can transfer up to $100,000 per year from their IRA to a charity. Keep in mind the age to begin RMDs has been increased to age 72 by the SECURE ACT which took effect on January 1, 2020 but does not affect the QCD age.
Prior to the passing of the Tax Cut and Jobs Act (TCJA) in December of 2017 you likely enjoyed the tax deduction that came with your charitable contributions – no matter the size of the donation. If you lived in a state where you paid state income taxes and had high property taxes you were probably itemizing your deductions (See NJ, NY, CT, and MA – just to name a few).
